A.S. Bryden listing on TTSE
A. S. Bryden & Sons Holdings Limited (ASBH) will list its ordinary and preference shares on the Trinidad & Tobago Stock Exchange (TTSE) on August 29 as it continues to expand its footprint across the Caribbean.
The Trinidadian distribution business announced the TTSE listing by introduction on Wednesday. This means that no new shares will be issued to investors with the TTSE listing. ASBH listed on the Jamaica Stock Exchange (JSE) in November 2023 where its ordinary shares were issued at $22.50, equivalent to $1 Trinidad & Tobago dollar (TTD), while its preference shares were listed at US$1. ASBH’s ordinary shares were subsequently listed on the JSE’s USD Market at US$0.22 in March 2024.
“Our employees are the heart of our company, truly embodying the customer-first, people-centred approach that has made Bryden’s trusted and loved for generations. In fact, the majority of our employees in Trinidad are also shareholders. This listing on the TTSE not only provides them with a new market for their shares but also opens the door for all stakeholders in Trinidad to share in A. S. Bryden’s continued success,” said ASBH Chief Executive Officer Richard Pandohie in the release.
Seprod Limited acquired an initial 60 per cent stake in ASBH in June 2022 for J$7.11 billion, which valued the overall acquisition at $11.85 billion. The listing of A. S. Bryden on the JSE was mentioned from early 2022 but didn’t take place until a year later.
ASBH employees and eligible Jamaican investors were able to buy ordinary shares in ASBH in October 2022 at TT$30.59 or US$4.37. That private offer saw three of ASBH’s existing ordinary shareholders sell 1,236,009 ordinary shares for a deal valued at US$5.40 million. ASBH had a 30 to 1 stock split prior to its JSE listing.
Pandohie confirmed at Seprod’s July 28 annual general meeting that the TTSEC had approved the ASBH listing and that an August 18 meeting was to take place with the TTSE. ASBH first become a registered issuer with the TTSEC in September 2024 where it registered its ordinary and preference shares pursuant to a TTSE listing.
The listing price and ticker for ASBH on the TTSE will be released closer to the listing date. ASBH closed Thursday at $24.08 (TT$1.01) which leaves the JSE listed stock down 20 per cent in 2025 with a market capitalisation of $36.10 billion. ASBH’s shares are down 21 per cent year-to-date on the USD Market at US$0.18. The preference shares are down three per cent YTD to US$0.97 for a market capitalisation of US$29.49 million.
The ASBH listing takes two months after Seprod Limited increased its interest in ASBH from 50.14 per cent to 80 per cent. That transaction saw Seprod issue 177,398,683 new ordinary shares in early July to ASBH investors who accepted the offer. The new share issuance was done on a ratio of 396.43 new Seprod shares for every 1,000 ASBH ordinary shares tendered. Investors will have to wait until November to learn which ASBH shareholders tendered shares in the offer as the June 30 top ten shareholder listing didn’t cover this deal.
ASBH has switched the presentation of its financial statements from TTD to USD. For the company’s second quarter (April to June) report, consolidated revenue improved 50 per cent from US$100.33 million to US$150.05 million ($23.85 billion) as the company benefited from reporting its 79.99 per cent stake in Caribbean Producers (Jamaica) Limited (CPJ) and 55 per cent stake in Retail Acquisition Company Limited (RACL). ASBH acquired its RACL stake in March 2024 and acquired a majority stake in July 2024.
After accounting for higher cost of sales, ASBH’s gross profit improved 58 per cent to US$42.38 million. Even with a 63 per cent rise in operating expenses, operating profit grew 39 per cent to US$8.54 million. Due to the 60 per cent increase in finance costs related to their acquisitions, ASBH’s profit before tax rose 31 per cent to US$5.01 million. Consolidated net profit increased 38 per cent to US$2.75 million, with US$2.62 million attributable to shareholders.
For the overall six months, ASBH’s consolidated revenue grew 56 per cent to US$300.62 million with operating profit rising 35 per cent to US$17.37 million. Even with higher finance costs and taxes, consolidated net profit increased 26 per cent to US$5.98 million with US$5.04 million attributable to shareholders.
ASBH’s consolidated asset base stood at US$492.36 million with US$324.55 million in current assets, inclusive of US$153.20 million in receivables and US$33.20 million in cash. Total liabilities were US$346.78 million with US$224.05 million in debt while consolidated equity was US$145.58 million, with US$127.72 million attributable to shareholders. ASBH paid a TT$0.01323 ordinary dividend totalling TT$19.84 million on July 31 and a US$0.015 preference dividend totalling US$456,045 on August 15.
Retail Acquisition acquired H Jason Jones & Co Limited (HJJ) during Q2. HJJ is a Barbadian distributor and retailer in the Barbadian food service industry. Although the acquisition price wasn’t disclosed, ASBH’s financials revealed a US$300,000 cash outflow on acquisition of a new subsidiary while Seprod’s report showed a $78.51 million cash outflow on acquisition of subsidiary. Retail Acquisition also owns 100 per cent of Stansfield Scott (Barbados) Limited, a Barbadian distributor of fast-moving consumer goods.
ASBH currently has a presence in Jamaica, Barbados, St Lucia, Guyana, St Vincent and Trinidad & Tobago. A. S. Bryden & Sons Guyana Inc, a subsidiary of A. S. Bryden & Sons Trinidad Limited commenced operations on January 6. This new subsidiary will focus on distribution with a focus on premium beverages like STR8 Vybz, Beringer wines and third-party food, grocery and houseware brands. Guyana is currently described as one of ASBH’s fastest growing markets according to Pandohie at the recent meeting. ASBH’s subsidiaries Bpi Guyana Limited (51 per cent controlled) and Ibis Construction Equipment Sales & Rental Limited (75 per cent controlled) already operate in Guyana.
Recently appointed ASBH director Thomas “Tom” Tyler resigned on July 31. He also resigned as vice-chairman and director of CPJ on the same date.
“A. S. Bryden has operated in Trinidad and Tobago for over a century. We are delighted to now make its shares available for trading on the Trinidad and Tobago Stock Exchange for the first time. This listing fulfils our commitment to list A. S. Bryden on its local exchange and gives our business additional options for accessing capital in the future,” stated Seprod and ASBH chairman Paul B Scott.
